Updated IASB work plan — Analysis
Jun 26, 2017
Following its June 2017 meeting, the IASB has updated its work plan. Identified below are the changes since last month’s version of the work plan as well as some general observations regarding the new format of the work plan the IASB has chosen since it moved to its new website.
General remarks
On moving to the new website, the IASB made several changes to the presentation of the work plan:
- The new format has gone back to indicating exact timing - by indicating the half year, quarter or even month a development is expected to occur. This is much to be lauded, since it makes tracking developments (and progress and delay) much easier for users.
- The new work plan has slightly changed categories: standard-setting projects, maintenance projects, research projects, and other projects. Taxonomy projects have become "other"; post-implementation reviews are now "research".
- The IASB has split up the annual improvement process into individual "projects". Although the idea is still to treat certain improvements through the annual improvements process, it can no longer be traced on the face of the work plan whether a project is part of the annual improvement process and which cycle it belongs to. The expectation is that the IASB wants to allow itself more flexibility in deciding which improvement goes into which cycle.
- The IASB has stopped dating its work plan and there is no longer a PDF version of the work plan available. There a many minor changes between Board meetings (down to spelling) and to report on every little change would distract from the big picture. The intention is therefore to continue to analyze changes on a monthly basis i.e.,after each meeting.
Below is an analysis of all changes made to the work plan since the last update in May 2017. For this analysis, changes have been ignored where the "within three months" to "after six months" classification translated smoothly into the new format of fixed dates.
Standard-setting projects
- Disclosure initiative — Materiality — both, the exposure draft on the definition of materiality and the practice statement on materiality, are now expected in September 2017 (was: June 2017)
- Changes in accounting policies and estimates — an exposure draft is now expected in September 2017 (was: June 2017)
Maintenance projects
- Definition of a business — this project was to see a decision on the project direction within 3 months and will now see final amendments in H1 2018
- Clarifications arising from the post-implementation review of IFRS 8 — this project was to see a decision on the project direction after 6 months, however, as the next project step a feedback statement on the exposure draft in Q4 2017 has been inserted
- IFRS 9 — Prepayment features with negative compensation — this project was to see a decision on the project direction within 3 months and will now see final amendments in Q4 2017
- IAS 16 — Proceeds before intended use — a feedback statement on the exposure draft is expected in Q4 2017
Research projects
- Goodwill and impairment — this project was to see a decision on the project direction after 6 months and will now see a discussion paper in H1 2018
- Post-implementation review — IFRS 13 — this project is now considered a research project
- Post-implementation review — IFRS 10-12 — this project is no longer appears in the IASB work plan (was supposed to be initiated after 6 months)
- Disclosure initiative — Principles of disclosure — this project was to see a decision on the project direction after 6 months and will now see a feedback statement on the discussion paper in H1 2018
Other projects
- proposed taxonomy update regarding common practice in connection with IFRS 13 — expected in H1 2018
- proposed taxonomy update on IFRS 17 — this project was to see a final update is expected within six months, however, as the next project step a feedback statement on the proposed update in Q4 2017 has been inserted
The above is a faithful comparison of the IASB work plan at May 18, 2017 and at June 28, 2017. For access to the current IASB work plan at any time, please click here.
Related Topics
- Prepayment Features with Negative Compensation (Amendments to IFRS 9) [Completed]
- Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) [Completed]
- Improvements to IFRS 8, Operating Segments [Completed]
- Definition of a Business (Amendments to IFRS 3) [Completed]
- Accounting Policies and Accounting Estimates (Potential Amendments to IAS 8) [Completed]
- Disclosure initiative — Materiality [Completed]
- Disclosure initiative — Principles of disclosure [Completed]
- Post-implementation review of IFRS 13 Fair Value Measurement [Completed]